Captrust Financial Advisors of Raleigh, North Carolina, says it is acquiring the assets of South Texas Money Management — formerly led by the late Jeanie Wyatt — which will become part of the firm’s wealth management operations. Along with the team of 60 Texas-based employees and six offices, the deal should add about $3.7 billion assets to the roughly $9.6 billion in wealth assets now managed by Captrust’s wealth team.
“When Jeanie, her son Trey, and I, along with the STMM management team mapped out the succession plan that eventually led us to Captrust, we explicitly did so based on two guiding principles: what is best for our clients, and what is best for our employees,” according to Jeanie’s stepson Richey Wyatt. “Under Jeanie’s leadership, we unanimously agreed in a thorough process that Captrust was our ideal strategic partner.”
Wyatt, who founded STMM in 2000 with about $10 million is assets, died from a rare form of cancer in April at age 65.
News of the South Texas group’s plans comes two days after Captrust said it hired Frank Bub as a senior director in the firm’s Advisor Group. Prior to this role, Bub was a director and the eastern head of relationship management and consulting at BNY Mellon; he also served as managing director of Schwab Executive Services, part of Schwab’s private wealth unit.
“From our first meeting with the team at STMM, it was clear that they approach working with their clients with the same level of enthusiasm and care that has become a hallmark of Captrust’s services,” said Captrust founder and CEO J. Fielding Miller, in a statement. “The team … perfectly embodies the spirit and ambition that we envision for the future of Captrust and we look forward to building on this firm’s impressive legacy in Texas for years to come.”
Terms of the deal were not disclosed, though Captrust says STMM will be rebranded after the purchase is completed. San Antonio-based STMM’s locations include Austin, Corpus Christi, Dallas, Houston and Brenham/College Station.
Captrust Financial Advisors is an independent, employee-owned investment research and fee-based advisory firm. In addition to its wealth business, it works with retirement plan fiduciaries, endowments and foundations; the firm’s clients have a total of $340 billion in assets.
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